Lok'nStore Group PLC New £75 million Banking Facility (0116X)

TIDMLOK

RNS Number : 0116X

Lok'nStore Group PLC

25 April 2019

25 April 2019

Lok'nStore Group plc ("Lok'nStore"or "the Group")

New GBP75 million Banking Facility to support Growth Strategy

Lok'nStore plc, the fast growing AIM listed self-storage company, is pleased to announce the agreement of a new GBP75 million five year revolving credit facility which will replace the existing GBP50 million facility and will provide funding for site acquisitions and their development to support the Group's ambitious growth plans.

The facility is a combined agreement with Lloyds Bank plc and The Royal Bank of Scotland plc and runs until 2024 and is closely aligned to the terms of the Group's previous facility.

The facility also provides for a GBP25 million accordion uplift to GBP100 million and runs to 2024 with an extension option for a further two one year extensions.

The interest rate is set at the London Inter-Bank Offer Rate (LIBOR) plus a 1.50%-1.75% margin based on a loan to value covenant test. There are no additional bank financial covenants in the new facility which will provide an increased flexibility to invest in new store development.

Andrew Jacobs CEO of Lok'nStore Group said;

"This new, substantially larger, banking facility underlines the financial strength of Lok'nStore with its modest gearing, valuable property assets and strong and growing cash flow and will enable the Group to continue to execute its current growth strategy."

Lok'nStore will announce its preliminary interim results for the 6 months to January 2019 on Monday 29 April 2019.

Enquiries:

 
Lok'nStore 
 Andrew Jacobs, CEO 
 Ray Davies, Finance Director            01252 521 010 
finnCap Ltd 
 Julian Blunt,/Giles Rolls, Corporate 
 Finance 
 Alice Lane, Corporate Broking           020 7220 0500 
Camarco 
 Billy Clegg / Tom Huddart/Jake Thomas   0203 757 4980 
 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

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April 25, 2019 02:00 ET (06:00 GMT)